The Central Bank has announced that the Money Supply aggregate M1 increased by 0.4%, from AED490.3 billion at the end of November 2017 to AED492.4 billion at the end of December 2017.

In a statement, the bank said, 'The Money Supply aggregate M2 increased by 2.2%, from AED1248.8 billion at the end of November 2017 to AED1276.2 billion at the end of December 2017.'

It added, 'The Money Supply aggregate M3 decreased by 0.5%, from AED1494.3 billion at the end of November 2017 to AED1487.1 billion at the end of December 2017.'

'The increase in M1 was mainly due to a rise of AED 1.9 billion in Monetary Deposits. The increase in M2 was brought about by an AED 25.3 billion increase in Quasi-Monetary Deposits. M3 mainly fell due an AED 34.6 billion reduction in Government Deposits, overshadowing the increases in M1 and M2.

'Gross bank assets, including bankers’ acceptances, increased by 0.3%, rising from AED 2687.1 billion at the end of November 2017 to AED 2695 billion at the end of December 2017.

'Gross credit decreased by 0.9% from AED1594.8 billion at the end of November 2017 to AED1580.7 billion at the end of December 2017.

'During December 2017, total bank deposits also decreased by AED5.1 billion mainly due to an AED6.6 billion reduction in Resident Deposits, overriding an AED1.5 billion increase in Non-Resident Deposits.'